Tenet has negotiated a “special deal” with its insurance underwriting subsidiary to offer chartered advisers a 50 per cent discount on their professional indemnity excess when compared to a standard policy.
The incentive is due to go live from the beginning of October. The move echoes a similar offer that was made last year in October to all advisers that gained their statement of professional standing to advise under Retail Distribution Review rules.
Helen Turner, Tenet distribution and development director, said the deal, agreed with Tenet subsidiary Paragon Insurance, is part of an on-going plan to “make excesses more closely related to risk profiles and reward positive conduct”.
She added that making the offer only to chartered advisers meant the network was “promoting and rewarding higher standards, in line with the primary aims of the RDR”.
Ms Turner said she believes that Tenet is the only network to offer such a saving and has confirmed that both investment and non-investment advisers will also benefit from improved excess terms.
She said: “Working closely with our Guernsey-based subsidiary, Paragon Insurance, we can encourage specific behaviour and respond with complete flexibility to market demands.
“Advisers benefit from significant potential savings and, as a network, we are promoting and rewarding higher standards, in line with the primary aims of the RDR.”
Last month Tenet joined the campaign to limit the liability faced by retiring advisers by launching a petition calling for a long-stop for the financial advice sector.
The firm is seeking 10,000 signatures in 12 months, the amount needed to bring it to the attention of the government petitions committee, and at the time of writing had amassed 3,944.
